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Ravine Corporation purchased 30 percent ownership of Valley Industries for $91,800 on January 1, 20X6, when Valley had capital stock of $251,000 and retained earnings of $55,000. During the period of January 1, 20X6,through December 31, 20X9, the market value of Ravine's investment in Valley's stock increased by $12,000 each year. The following data were reported by the companies for the years 20X6 through 20X9: Dividends Declared Operating Income, Net Income, Year Ravine Corporation Valley Industries Ravine Valley 23x5 $147,333 $32,333 $ 73,333 $22,333 23x7 83,333 52,333 73,333 42,333 zoxs 233, 333 13, 333 93, 333 43, 333 ZBXQ 16?, 369 42, 369 183, 366 22, 6% Required: a. What net income would Ravine Corporation have reported for each ofthe years, assuming Ravine accounts for the intercorporate investment either by carrying the investment at fair value, or by using the equity method? b1. Give all appropriatejournal entries for 20KB that Ravine would make if it carries the investment at fair value. b2. Give a|| appropriatejournal entries for 20KB that Ravine would make if it uses the equity method. Complete this question by entering your answers in the labs below. Required A Required Bl Required Bl What net inoome would Ravine Corporation have reported for each of the years, assuming Ravine aooounts for the intercorporate investment either by carrying the investment at fair value, or by using the equity method? Required B1 > Required: a. What net income would Ravine Corporation have reported for each of the years, assuming Ravine accounts for the intercorporate investment either by carrying the investment at fair value, or by using the equity method? b1. Give all appropriatejournal entries for ZOXS that Ravine would make if it carries the investment at fair value. b2. Give all appropriatejournal entries for 2OX8 that Ravine would make if it uses the equity method. Complete this queslion by entering your answers in the labs below. Required A Required Bl Required I32 Give all appropriate journal entries for ZOXB that Ravine would make if it carries the investment at fair value. (If no entry is required for a transactionlevent, select 'No journal entry required" in the first account eld.) View transaction list Journal entry worksheet Record the dividend received from valleyr Industries under the fair value method. Note: Enter debits before credits. Ravine Corporation purchased 30 percent ownership of Valley Industries for $91,800 on January 1, 20X6, when Valley had capital stock of $251,000 and retained earnings of $55,000. During the period of January 1, 20X6, through December 31, 20KB, the market value of Ravine's investment in Valley's stock increased by $12,000 each year. The following data were reported by the companies for the years 20X6 through 20x9: Dividends Declared Operating Income, Net Incolle, Year Ravine Corporation Valley Industries Ravine Valley ZBXG 514?,333 $32,333 5 73,333 $22,333 28X? 83,333 52,333 3,333 42,333 23x3 233,333 13,333 93,333 43,333 23x9 157,333 42,333 133,333 22,333 Required: a. What net income would Ravine Corporation have reported for each ofthe years, assuming Ravine accounts for the intercorporate investment either by carrying the investment at fair value, or by using the equity method? b1. Give all appropriatejournal entries for 20X8 that Ravine would make if it carries the investment at fair value. b2. Give all appropriatejournal entries for 20KB that Ravine would make if it uses the equity method. Complete this question by entering your answers in the labs below. Required A Required Bl Required B2 Give all appropriate journal entries for ZOXB that Ravine would make if it carries the investment at fair value. (If no entry is required for a transactionlevent, select 'No journal entry required" in the rst account eld.) View transaction list Journal entry worksheet Record the dividend received from Valley Industries under the fair value method. Note: Enter debits before cred ils. Ravine Corporation purchased 30 percent ownership of Valley Industries for $91,800 on January 1, 20X6, when Valley had capital stock of $251,000 and retained earnings of $55,000. During the period of January 1, 20X6, through December 31, 20X9, the market value of Ravine's investment in Valley's stock increased by $12,000 each year. The following data were reported by the companies for the years 20X6 through 20X9: Dividends Declared Operating Income, Net Incone, Year Ravine Corporation Valley Industries Ravine Valleyr 20X6 514?,330 $32,330 5 73,330 $22,330 2030' 83,330 52,330 73,330 42,330 23x3 233,330 13,330 93,330 43,330 23x9 167,300 42,300 133,300 22,300 Required: a. What net income would Ravine Corporation have reported for each ofthe years, assuming Ravine accounts for the intercorporate investment either by carrying the investment at fair value, or by using the equity method? b1. Give a|| appropriatejournal entries for 20X8 that Ravine would make if it carries the investment at fair value. b2. Give a|| appropriatejournal entries for 20X8 that Ravine would make if it uses the equity method. Complete this question by entering your answers in the tabs below. Required A Required Bl Required B2 Give all appropriate journal entries for zone that Ravine would make if it carries the investment at fair value. (If no entry is required for a transactionlevent, select 'No journal entry required" in the rst account eld.) View transaction list Journal entry worksheet Record the unrealized gain from Valley Industries under the fair value method. Note: Enter debits before credils. Ravine Corporation purchased 30 percent ownership of Valley Industries for $91,800 on January 1, 20X6, when Valley had capital stock of $251,000 and retained earnings of $55,000. During the period of January 1, 20KB, through December 31, 20X9, the market value of Ravine's investment in Valley's stock increased by $12,000 each year. The following data were reported by the companies for the years 20KB through 2OX9: Dividend 5 Dec lared Operating Income, Net Income, Year Ravine (orporation Valley Industries Ravine \ l'allegrr 23:35 $143,333 $32,333 5; 73,333 $22,333 23):? 83,333 52,333 73,333 42,333 23x3 233,333 13,333 93,333 43,333 23x9 157*, 333 42 , 333 133 , 333 22, 333 Required: a. What net income would Ravine Corporation have reported for each ofthe years, assuming Ravine accounts for the intercorporate investment either by carrying the investment at fair value, or by using the equity method? b-1. Give all appropriatejournal entries for 20KB that Ravine would make if it carries the investment at fair value. b-2. Give all appropriatejournal entries for 20KB that Ravine would make if it uses the equity method. Complete this question by entering your answers in the labs below. Required A Required Bl Required BZ What net inoome would Ravine Corporation have reported for each of the years, assuming Ravine aooounts for the intercorporate investment either by carrying the investment at fair value, or by using the equity method? Required B1 > Ravine Corporation purchased 30 percent ownership of Valley Industries for $91,800 on January 1, 20X6, when Valley had capital stock of $251,000 and retained earnings of $55,000. During the period of January 1, 20X6,through December 31, 20X9, the market value of Ravine's investment in Valley's stock increased by $12,000 each year. The following data were reported by the companies for the years 20KB through 20X9: Dividends Declared Operating Income, Net Income, Year Ravine Corporation Valley Industries Ravine Valley ZBXS $147,000 $32,000 5 73,000 $22,000 28X? 83,860 52,800 73,806 42,806 20:03 230,000 10,000 93,000 40,000 20x9 157,000 42,000 103,000 22,000 Required: a. What net income would Ravine Corporation have reported for each of the years, assuming Ravine accounts for the intercorporate investment either by carrying the investment at fair value, or by using the equity method? b1. Give a|| appropriatejournal entries for 20KB that Ravine would make if it carries the investment at fair value. b2. Give a|| appropriatejournai entries for ZOXS that Ravine would make if it uses the equity method. Complete this queson by entering your answers in the hubs below. Required A Required Bl Required B2 Give all appropriate journal entries for 20x5: that Ravine would make if it uses the equity method. (If no entry is required for a transactionfevent, select "No journal entry required" in me first aocount eld.) View transaction list Journal entry worksheet Record the dividend received from Valley Industries under the equity method. Note: Enter debits before credits. Prev 1 of 6 III Henri 5 Ravine Corporation purchased 30 percent ownership of Valley Industries for $91,800 on January 1, 20X6, when Valley had capital stock of $251,000 and retained earnings of $55,000. During the period of January 1, 20X6, through December 31, 20X9, the market value of Ravine's investment in Valley's stock increased by $12,000 each year. The following data were reported by the companies for the years 20X6 through 20X9: Dividends Declared Operating Income, Net Incone, Year Ravine Corporation Valley Industries Ravine Valleyr 2axs $147,000 $32,390 5 73,330 $22,330 29x7 as, see 5 2, see 73, see 42, see 28x3 233, see 18, see 93, see 48, see 28x9 167, see 42, see 193, see 22, see Required: a. What net income would Ravine Corporation have reported for each ofthe years, assuming Ravine accounts for the intercorporate investment either by carrying the investment at fair value, or by using the equity method? b1. Give a|| appropriatejournal entries for 20X8 that Ravine would make if it carries the investment at fair value. b2. Give a|| appropriatejournal entries for 20X8 that Ravine would make if it uses the equity method. Complete this question by entering your answers in the tabs below. Required A Required Bl Required B2 Give all appropriate journal entries for ZOXB that Ravine would make if it uses the equity method. {If no entry is required for a transaction/event, select "No journal entry required" in the first aocount eld.) View transaction list Journal entry worksheet Record the share in net income of Valley Industries under the equity method. Note: Enter debits before credits